AUD Study Group Q1 2017 - Page 21

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  • January 15, 2017 at 7:14 pm #1441715
    Forem004
    Participant

    I finally made it to my first practice exam…92!! I wish that was a prediction of how tomorrow was going to go!

    January 15, 2017 at 7:58 pm #1441728
    Rhunter
    Participant

    CPA788: I understand your confusion. I got both those questions wrong as well and have the flashcards to show for it, lol. The thing to remember is that an embedded audit module is an automated computer program. It does the monitoring so the auditor doesn't have to. The need for continuous monitoring is the reason that an auditor would be inclined to use the EAM. It just may be impractical to add it to an existing system.

    January 15, 2017 at 8:45 pm #1441740
    sulaiman
    Participant

    @Forem004 That's a good sign! Good luck in your exam!

    January 15, 2017 at 9:03 pm #1441742
    Anonymous
    Inactive

    Rooting for you, Tiffany!
    What final practice material did you use?
    When are you taking AUD?
    I'm retaking my expired FAR on 3/10.
    Good luck to both of us! Hopefully our very last CPA test!!!! (Especially last for me due to no Ethics test in KY)

    January 15, 2017 at 9:34 pm #1441757
    Forem004
    Participant

    I use Ninja for everything! I'm taking it tomorrow. REG takes the place of the ethics requirement for Alabama, so last for me as well!

    January 16, 2017 at 1:25 pm #1442112
    Ny1105
    Participant

    I think it's gov't pensions. They added it in 2015.

    I never even read this topic and had a good 5-6 questions that were all straighforward.. LE SIGH

    January 16, 2017 at 6:59 pm #1442357
    MOHAMED Abdelrahman
    Participant

    hello everybody is there any problems with launching audit mcqs ?!
    i try from 2 days ago and it dosn't work!

    January 16, 2017 at 7:19 pm #1442370
    Forem004
    Participant

    I either did really well or absolutely terrible! I don't feel like my sets got harder but I also felt like I knew all of the questions. So maybe they were harder, I just knew them! Let's hope! The sims were pretty terrible but I think I did okay with overall audit knowledge and the AL.

    January 16, 2017 at 8:03 pm #1442411
    MOHAMED Abdelrahman
    Participant

    hi
    can you tell me about topic that was heavy testet and simulation 🙂
    my exam jan 27

    January 16, 2017 at 8:14 pm #1442414
    mperez102204
    Participant

    @forem – sounds like you did pretty well. I wouldn't worry too much. Do you think Ninja prepared you for the MCQ and SiMS??

    How much time did you have left for the SIMS??

    January 16, 2017 at 9:25 pm #1442463
    Spartans92
    Participant

    Wow.. Finished my first day of “official” tax season. Got to work this morning at 7 and just got home. I gotta say this is gonna be a tough few month to study. Though AUD has the least material and isn't nearly as bad as FAR/REG cuz no math but it is definitely tiring after a day of work.

    For those that work until 8pm or late what do you do? Go to bed early and get up early to study? Or push through and sleep fewer hours? I really dont wanna retake AUD for 4th time. My BEC is dropping off in Nov. and I'm sure I still gotta retake FAR in May. Thanks!

    Im a new start so any tips would be appreciated.

    BEC- PASS

    January 18, 2017 at 5:37 am #1443353
    mperez102204
    Participant

    @spartans – I do not work in a public company, but the company I do work for is rather large (70 locations and 30 brands). So take this for what it may be worth… when I have busier weeks, which is -3 and +4 of every month, I go into work about 7 AM and leave around 7 PM (on a good day). When this happens, I come home and eat dinner with the husband. I am not in any mind frame to start to study, so I take a power nap. Just keep in mind to not sleep longer then 3 hours. I wake at about 11 and study for about 2 to 3 hours. Go back to bed and wake up at 6 AM. Listen to Ninja audio as I get ready for work and as I am driving to work. Then, do it all over again. Granted, this is not something to do for a long time, but since it is about a week or so, it works for me.

    January 18, 2017 at 12:08 pm #1443354
    mperez102204
    Participant

    hey everyone! i need some advice. I have attached the link to my journal entries spreadsheet.Is there anything that I may be missing??? ALSO, I am about a week away from the exam. IS THERE ANYTHING else i should be focusing on??? Any advice would be appreciated.

    https://www.dropbox.com/s/nkemf4x4rk4s5c7/journal%20entries.xlsx?dl=0

    January 19, 2017 at 7:28 am #1444158
    HelpHelpHelp :)
    Participant

    Hi everyone! I'm confused by this question:

    For uncorrected misstatements, the auditor should document all of the following, except:
    Incorrect A. all misstatements accumulated during the audit and whether they have been corrected.
    B. the amount below which misstatements would be regarded as clearly trivial.
    C. the size and nature of the misstatement.
    D. the auditor's conclusion about whether uncorrected misstatements are material, individually or in the aggregate, and the basis for that conclusion.

    The correct answer is C. But I thought the answer would be A because trivial misstatements don't have to be documented? And if there's a material misstatement shouldn't the size and nature of the misstatement have to be documented?

    The happiest people don't have the best of everything, they just MAKE the best of everything!

    We can do it!! 🙂

    January 19, 2017 at 10:51 pm #1444772
    Spartans92
    Participant

    do you guys re-read the textbook on retakes? I really dont feel like reading again LOL. Being it my 3rd time I really dread the reading since it takes me forever. Thoughts?

    BEC- PASS

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